Binance in Trouble: SEC Lawsuit Causes Drop in BNB Token Price

The world’s largest crypto exchange is in trouble, and with it its token BNB, formerly known as Binance Coin. Its price dropped significantly after Binance was sued by the US Securities and Exchange Commission (SEC) for allegedly operating an illegal stock exchange. It’s such an explosive topic that the editors were clear about the theme of the cryptographer of the week even before Friday.

American users of Binance began to massively withdraw funds from the American branch of the crypto exchange due to concerns about deposits. In response to a lawsuit by the SEC, Binance has drained cryptocurrencies with a net worth of more than a billion dollars, she stated Reuters agency. A similar development could simply be compared to a bank run.

As for the cryptocurrency created by Binance – the BNB token – it weakened by fourteen percent in a week-to-week comparison, the ADA cryptocurrency lost ten and a tenth of its market value, and the token operating on the Solana blockchain also lost.

What unites them all is that they are among the top ten largest digital currencies by market capitalization and the fact that they are actually unregistered securities, according to the SEC’s allegations. At first glance, it looks like wordplay, but according to insiders, it makes up for a big problem with the crypt.

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2023-06-08 15:07:00
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